Pharmacy Growth Strategies Archives

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What Is Pharmacy Business Coaching?

October 20, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

The Green Bay Packers and Vince Lombardi. The Dallas Cowboys and Tom Landry. The New York Knicks and Phil Jackson. Even the best professional athletes in the world have coaches they rely on to keep them at the top of the game. Did you know that independent pharmacy owners need coaches, too?

Working with a team of the nation’s top pharmacy experts and mentors is the best way to improve every area of your business. Pharmacy business coaches possess the expertise that pharmacy school doesn’t teach you – they are experts at running a successful business from managing staff to balancing budgets and finding profit opportunities. They have worked with some of the most successful pharmacy owners in the country, so they know what works for industry leaders and they understand the challenges you face.

Working with a business coach is like adding an ivy-league educated, 6-figure salaried professional to your team. Here are four reasons you need a pharmacy business coach:

1. Access Proven Solutions

An experienced business coach has seen it all – the good, the bad and the truly terrible. The wisdom that comes from years of working in the independent pharmacy industry is indispensable. While you may be new to certain situations, the chances are that your coach already knows a solution to get you through difficult times quickly.

2. Strengthen Your Team

According to coachfederation.org, working with a professional business coach increases time management by 57% and boosts overall work performance by 70%. Those numbers will benefit every area of the pharmacy from the owner to the cashier. Gaining expertise from a business coach specializing in independent pharmacy allows you to leverage outside skills to strengthen your team.

3. Increase Profits

Analyzing financials is often the most challenging part of running any small business. Pharmacy owners are at an increased disadvantage, because financial planning is not typically included in pharmacy school curriculum. One of the many advantages of working with a business coach is that they can help you develop a budget, price new services and find holes that are draining your cash flow. You will be able to ask any financial question with the confidence that you will find support in making the smartest decision for your pharmacy.

4. Create a Positive Team Culture

Your coach will provide tools that will enable you to build a culture of mutual trust and support in your organization. From interpersonal communication to conflict management, the leadership skills and knowledge you gain will allow your pharmacy to run like a well-oiled machine. Building a great team culture is paramount to your pharmacy’s success. In fact, 72% of small businesses that employ a professional business coach report improved communication and leadership skills.

It can be difficult to see all of the different ways to tackle a problem by yourself. Your business coach is a great sounding board and a creative thinker who will help carry your daily efforts through to completion. Working with a business coach puts an advocate in your corner every step of the way along the road to success.

If the best professional athletes in the world need to work with a coach, why shouldn’t you? To learn more about pharmacy business coaches and how they can help you, arrange a meeting with a PDS business advisor today.

4 Reasons Millennials Matter to Your Pharmacy

October 15, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

Millennials are defined as the group of people born between the early 1980s and the early 2000s. They are classified as civic-minded, taking an interest in politics and the environment, and are more tech-savvy than any previous generation. Millennials have never known the world without the Internet. They transformed life as we knew it with companies like Facebook, Dollar Shave Club and Etsy. With a track record like that, it’s no wonder that businesses worldwide are fighting for their attention.

Think your pharmacy will survive by focusing on the aging population instead? Think again, millennials matter to your pharmacy!

Here are 4 reasons you need to pay more attention to millennials:

1) Their Numbers Are Huge

There are eighty million millennials in America alone and they represent about one-fourth of the entire population! It’s hard to believe that one generation accounts for such a big chunk of our society, but it’s true. That’s why winning their attention is critically important to your pharmacy’s success – the numbers don’t lie.

2) They Are Here to Stay

As the most recent generation to come into adulthood, millennial buying power is still in its infancy. As your elderly customer base dwindles, gaining repeat business from millennials will become increasingly important. Not only will this generation be here for the long haul, but the number of millennials in your pharmacy will continue to grow exponentially over the next 25 years.

3) They Have Major Influence

Millennials can impact your business through word-of-mouth like you’ve never seen before. They influence both older and younger generations with their opinions on everything from fashion to food. While baby boomers rely on traditional advertising, millennials look to social media for authentic reviews on local businesses. Once you build a reputation with millennials, the impact on your business growth can be monumental.

4) They Practice Brand Loyalty

According to a survey conducted by Forbes, 60% of millennials said that they are often or always loyal to brands from which they currently purchase. If you attract this generation and turn them into customers, they will most likely continue to buy from you in the future.

Companies have been struggling to connect with this generation because many of the traditional methods of advertising have proven ineffective at capturing their attention. The sooner you make an effort to build relationships with millennials in your area, the better.

Expanding your millennial client base is just one way to build your business. At Pharmacy Development Services, we have dozens of proven business strategies for the independent pharmacy, as well as the expertise to point you in the right direction immediately.

If you want to learn more about different ways to attract, engage and delight millennials, register for this on-demand webinar

5 Pharmacy Team Members Who Would Enjoy a Retail Adherence Program

October 8, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

This guest blog post was authored by Parata Systems.

In today’s health care industry, pharmacies are doing even more to keep patients healthy. This change doesn’t need to stop with your pharmacists.

Every member of your pharmacy team has a role to play.

These team members are the face of your pharmacy. Each employee represents your brand, serves your customers, and supports your business. Is your entire team engaged and empowered to fulfill their jobs to the best of their ability?

Answer the questions below to find out.

PHARMACISTS

Do your pharmacists wish they had more time to help patients who are struggling to stay healthy?
Are your top-prescribing physicians unaware of how your pharmacists can support patients between visits?
Wish you had a better way to prove your impact on medication adherence and patient outcomes?

TECHNICIANS

Could you do more to leverage these valuable team members to the fullest extent?
Would they like to have more interaction with your patients?
Do you have hectic days when your techs wonder how they’ll be able to squeeze in a quick lunch?

DELIVERY DRIVERS

Do your delivery drivers sometimes wonder if they’re making important contributions to your team?
During each delivery, do you want your drivers to be able to ask the customer how he or she is doing that day?
Would they be able to plan more efficient routes if they had more notice about the deliveries?

CASHIERS

Are your cashiers’ interactions with your customers picking up prescriptions just simple transactions?
Do they see patients come in several times each month to pick up different medications?
Are they missing opportunities to tell customers about your value-added services and programs?

MARKETERS

Is your marketer always looking for a new service or program to help promote your pharmacy?
Does he or she get pumped up about a good success story?
Would their jobs be easier if they had data in hand when approaching potential partners?

If you answered “Yes!” to any of these questions, we can help.

We’ll discuss how an adherence program can empower your team and differentiate your pharmacy. And, we’ll walk you through a five-step program covering how to do it.

Join us on Wednesday, October 14, at 12:00pm EDT for the webinar and a live Q&A session — and bring your whole team! Register here or click below.

About the Author

Parata provides pharmacy technology solutions that support business growth, better health outcomes, and lower medical costs. They are also one of PDS’s long-standing elite vendors at the annual PDS Together Toward Tomorrow Super-Conference. Register now and visit them at their booth!

For full contact information for Parata, visit them on their PDS Marketplace page.

How to Leverage Medicare Part D to Increase Customer Retention

October 2, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

The following is a guest blog written by Flaviu Simihaian, iMedicare.

Picture Fred. Fred is an independent pharmacist who loves helping his patients. They are loyal patrons of his pharmacy for countless years and value his expertise and attentive, expedient care. During open enrollment, most are looking to save some money on their Part D coverage. When asked for help, Fred immediately spends an inordinate amount of time inputting his patient’s medications on medicare.gov to help them find the most affordable plan.

Several of these plans cost the patient the same, but affect Fred’s pharmacy in different ways. Fred counsels his patients to sign up on one plan and then when he receives his remittance bill he finds a huge DIR fee, eating away at his already small reimbursement. Now his pharmacy is losing money. If only there was a way Fred could have known how the plans would reimburse the pharmacy and if there was a DIR fee.

Fred’s other patients attempt to handle their own plan comparison on the government site – but struggle. The government website is arduous at best and close to impossible for one that is not tech savvy. Frustrated and confused, they find themselves resigned to spend another year on their current plan.

One day, one of his patients visits Wal-Mart to buy a new shower mat and the Humana rep lurking in the shadows strikes up a conversation. Tantalized by the reps smooth talking ways, Fred’s patient falls under their spell and is lured into signing up on the Humana-Walmart plan. Word spreads throughout the community about the money Fred’s patient saved at Wal-Mart and soon there is a mass exodus of seniors, flooding Wal-Mart and signing up for the Humana-Walmart plan.

Unknown to both the seniors and Fred, not only is that plan not the most affordable, it will also make Fred’s patients go to Wal-Mart. Neither Fred nor his patients want to leave, but there is nothing they can do. Sound familiar?

This is a headache countless pharmacy owners experience. Don’t lose any more customers.

Matters could be different if Fred implemented a software in his pharmacy system that:

Compares medical plans for his patients to find the most affordable plan on-the-spot in seconds
Keeps his patients at the pharmacy
Increased reimbursements
Integrates with every pharmacy system
Provides a Star Ratings Report

This is possible with iMedicare. iMedicare is an independent pharmacists secret weapon, the ammunition that gives them the ability to fight back. The company was created by pharmacists to help independent pharmacies, like Fred’s, strike back against PBMs.

With 80% of Medicare patients in the United States on plans that are not the most affordable, this is not only a great way to help the pharmacy’s current patients but also to drive new business to the pharmacy.

Considering 10,000 people a day are turning 65, and the Medicare population is set to double within the next decade, independent pharmacies have a distinct choice.

They can become experts in Medicare, able to answer any question about any plan, and find the best plan for the patient and the pharmacy within seconds or continue leaving it up to chance and watch as their patients leave the pharmacy while failing to capitalize on this opportunity.

You can watch a video below to find out more information. Or visit iMedicare’s PDS Marketplace listing for full contact information.

About iMedicare

iMedicare works with 4,000 pharmacies to avoid preferred closed networks, improve their star ratings, increase reimbursements, and gain more Medicare business. iMedicare is available to use on a computer or tablet. For more information on iMedicare, visit their PDS Marketplace listing for full contact information.

As a long-standing elite exhibitor at our annual PDS Conference, you can find them at their booth at PDS 2016. Visit them and speak to them directly!

3 Reasons to Update Pharmacy Technology Now

October 1, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

This post has been rewritten since the initial publication.

You may think you’re saving money by keeping your old computers, telephones, software and security systems in place, but the risks associated with outdated technology outweigh the potential savings. Modern technology changes leaps and bounds in a relatively short amount of time. And while it may be tempting to postpone the necessary updates in your pharmacy, what you’re saving in initial costs will probably not be worth it in the long run. Here are three reasons why holding on to old technology is putting your pharmacy at risk.

1) Credit Card Security

Chances are that most of your customers don’t pay in cash, especially for expensive prescriptions. While you wouldn’t knowingly put your credit card users at risk for identity theft, running their cards through your aging system may be doing just that. If credit card breaches can happen to huge retailers like Target and Neiman Marcus, they can certainly happen to you.

Prior to October 1, 2015, if an in-store transaction is conducted using a counterfeit card, the cardholder’s losses from that transaction fall back on the retailer, but after October 1, the liability can shift to the card processor if the retailer has implemented EMV card acceptance.

Many falsely believe that this deadline of October 1, 2015 is mandatory for EMV chip card acceptance. Other rumors state that if a retailer implements EMV that they are protected from data breaches. Both statements are incorrect. While it is true there will be a shift in the liability for fraud after this date to whichever party is the least EMV-compliant in a fraudulent transaction, the term fraudulent transaction can mean several things. Fraudulent transactions can consist of counterfeit cards or even stolen credit cards. According to Stephanie Ericksen, Visa’s vice president of risk products, only about 2/3 of credit card fraud is due to counterfeit cards.

Regarding data breaches, retailers need to consider implementing a fairly new security technology called Point-to-Point Encryption, which encrypts the credit card number from the moment it’s swiped, and sends that encrypted card number directly to the processor. The retailer’s computers never see the card number and therefore, have no card data to provide a data thief.

Mike Gross, with Retail Management Solutions, one of our top vendors advises, “Independent pharmacies should look at their credit card fraud history, specifically credit card charge backs, and determine what that cost has been. Because pharmacies typically have so many details about their customer, such as name, address, health plan, and doctor, they may not see as many fraudulent transactions as say a big box store.”

Gross says, “In the end, the decision to purchase new hardware should be based on a store-by-store basis. I recommend pharmacies visit our dedicated EMV page to get the latest information regarding these credit card security issues.”

2) Lower Productivity and Efficiency

How often does your computer system go offline? Do your employees spend time waiting for screens to load? How long does it take your staff to place an order in the computer while customers wait?

Time is money and slow technology will impact the satisfaction levels of both your customers and your staff. In fact, there is a noticeable correlation between user-friendly technology in the workplace and employee retention, especially among younger employees who have up-to-date technology for personal use. If you want to keep your staff and patients happy, upgrade to a system that is quick and easy to use.

3) Legal/ HIPAA Issues

The HIPAA Privacy Rule provides federal protections for your customers’ health information and gives patients an array of rights with respect to that information. The Security Rule specifies a series of administrative, physical, and technical safeguards for you to use to assure the confidentiality, integrity, and availability of electronic protected health information. If you aren’t following these guidelines, or can’t because of an old computer system, you may be exposing yourself to a very costly fine or lawsuit.

Postponing technology upgrades may be putting both your customers and business at an unnecessarily high risk. Aging systems could cause you to lose money, employees and customers. Investing in the latest and greatest technology may seem daunting, but will be worth it in the long run. After all, investing in your success is one of the best ways to stay relevant in today’s competitive landscape.

If you’re looking for additional ways to compete in today’s market, we can help! Get started by downloading our free eBook, 3 Innovative Ways to Compete in the Pharmacy Market.

Ready to take the next step? Request a free pharmacy business assessment today. Our staff is specially trained to help you find ways to improve every area of your pharmacy immediately.

5 Pharmacy Leadership Styles You Need to Master Now

September 29, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

As the owner of an independent pharmacy, you may not realize how much of an impact your specific leadership style has on your staff and in turn, the overall success of your business. Every leadership style has its own advantages and disadvantages. If you can determine which of the following five categories you fit into, you can more easily use your strengths to grow your pharmacy and inspire your staff, while simultaneously identifying areas for improvement.

Laissez-Faire

This leadership style is wonderful for employees who don’t want or need to be micromanaged, but it hinders the productivity of employees who need more structure and supervision. If you enjoy a more relaxed approach to leadership, remember to give direct feedback to your employees, especially those who are naturally less independent. While this leadership style can create a fun, laid-back work environment, it’s important to be aware that it can also lead to lower production in certain types of employees.

Autocratic

Standing in total contrast to the laissez-faire style, the autocratic leadership style leads managers to make decisions with little to no input from others. While this management style can sometimes result in increased productivity and profitability, creative employees are typically unhappy in this type of environment. This leadership style benefits employees who require close supervision. While some pharmacy owners are happy to manage in this way, it’s important to be aware that it may lead to increased stress, burnout, and lower morale.

Participative

Often called the democratic leadership style, participative leadership values the input of team members and peers, but in the end, the responsibility of making the final decision rests with the pharmacy owner. When your pharmacy needs to make a change, the participative leadership style allows employees to accept changes easily since they play a role in the process. Participative leadership boosts employee morale for all types of employees because they are allowed to make contributions to the decision-making process, making them feel valued and encouraging a sense of shared purpose.

Situational

In your pharmacy, it is possible that different situations call for different styles of leadership. For this reason, pharmacy managers sometimes use situational leadership. For example, you may choose to use authoritarian leadership if a quick turnaround is needed to implement a new niche program. In that case, you would delegate tasks along with deadlines. On the other hand, when tasks are not as deadline driven, you may choose a more laissez-faire approach

Transformational

A transformational leadership style is ideal during a time of drastic change, but not for typical day-to-day operations. During a time of difficulty or transformation, this leadership style is helpful for getting staff on board before transitioning to a participative style. As a transformational leader, you must be careful not to move too quickly, remaining sensitive to staff members who may be resistant to change.

Your natural inclinations as a leader will play a major role in which category you fall into, but it’s also great to be aware of all five classifications and your ability to use different styles based on the staff member you’re working with or the situation your business is facing. Mastering the characteristics associated with various leadership styles and honing your personal leadership skills is no small task. That’s why PDS specializes in transforming pharmacy owners into dynamic leaders of high-performance teams. To learn more about what we do and how we can help you, set up a time to speak with one of our business consultants.

3 Easy Ways to Increase Medication Adherence Among Children

September 24, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

Most parents will tell you that getting a young child to take medicine is a difficult task. As your community’s pharmacy, any assistance you can provide with adherence among children will have benefits for both your business and your patients. Part of making your community happier and healthier is making sure your customers’ children are taking their medicine and adhering to it exactly as prescribed by their pediatricians. The problem of getting children to follow a treatment regimen is widespread and is certainly frustrating for the physicians you work with, but you can aid tremendously by following these three tips. Start increase medication adherence now:

1. Use Flavored Liquids

In many cases, liquid medicine is the easiest way to ensure adherence. While that may be a given, there is more you can do to make the medicine go down easier. Use sweeteners with bubblegum or chocolate flavoring to mask bitter medications and to improve a child’s willingness to take it. While it may not be as good as real candy, it’ll certainly taste better than unflavored medicine and parents will thank you.

2. Offer Fun Dispensers

There are several different types of kid-friendly dispensers you can keep in stock that will help parents administer the entire dosage of a medication on the first try. Whether it’s a ladybug or an elephant’s trunk, a fun dispenser has the ability toturn a stressful experience into a pleasant one.

3. Communicate with Parents

When it comes to young patients, medication adherence is usually dependent on the parents, but juggling multiple responsibilities in the home can often create barriers. In addition to issues with forgetfulness and time management, some reasons why children do not take their medications include a parent’s misunderstanding of the diagnosis, concerns about the drug’s effectiveness and fear of a medication’s side effects. As a community health expert, you can help increase adherence and ease concerns by talking with parents at the time of prescription pick up. You may also want to distribute informational pamphlets or develop a check-in program. Pharmacy staff can be trained to call and check in with parents, asking how the prescribed schedule is going and gently reminding them to stay on track.

On average, parents forget one half of the information presented to them during a 15-minute meeting with a physician. Most of the information retained is associated with the diagnosis and not the drug being prescribed, which means that your pharmacy is the final opportunity to make sure a child adheres to their medication Don’t miss the chance to cement your position as your community’s top health expert- make sure flavored liquids and fun dispensers are available in your pharmacy, and make sure you discuss the importance of adherence with your patients.

Taking steps to become the most recognized family pharmacy in your community has countless benefits and increasing adherence among children is just one of many methods you can follow. To learn more about how to make your pharmacy the clear choice for family pharmacy needs, download our free eBook 3 Innovative Ways to Compete in the Pharmacy Market now!

What are your best practices for increasing medication adherence among children? Let us know in the comments!

Chris Cielewich

October 15, 2015 4:47:40 PM GMT+03:00

A couple other ways to motivate kids to take and complete their medication is to offer a small incentive/reward for finishing the medicine. Give the parents a compliance chart to post on the fridge which allows the child to color in a box after taking each dose and have a small prize to reward them after 10-14 days of compliance.

The Ultimate Cheat Sheet on Training Your Pharmacy Employees

September 18, 2015/0 Comments/in All, Pharmacy Staff Development /by pdsmarketing

As the owner of an independent pharmacy, you need to make sure your staff is properly positioned and trained, so they can deliver top-quality service to your customers. The first thing you need to do is to hire excellent people who believe in your company and share your values. Then, you must provide an environment where they can improve their skills. It isn’t enough to hire capable candidates and put them to work. As an outstanding employer, you will get the most from your staff when you empower them and learn to develop their existing talents. Fortunately, getting proper training in place may be easier than you think. Here are 5 ways to train your pharmacy employees:

1) Hire an External Consultant

With your everyday workload, training new hires may seem too time-consuming. For this reason, many pharmacy owners opt to hire a consultant or HR rep to come in and do the training process on their behalf. Having a productive staff will pay for itself in the long run, so it’s a good idea to keep the big picture in mind when considering this financial investment.

2) Provide Online Resources

As an alternative to hiring an external consultant, supplying your staff with online tools is a very cost-effective solution.Webinars and training videos bring the external consultant to you, often free of charge or for a nominal fee. With the flexibility to complete them whenever and wherever you want, online trainings can also be a great way to keep current staff engaged and up-to-date.

3) Setup Mentoring Relationships

Positioning new hires to be trained alongside your most trusted, seasoned veterans is a great way to introduce them to company processes. Since mentoring is such a powerful form of job training, your new talent can quickly gain valuable knowledge, attain new skills and learn best practices as they apply to your business. It can also increase and expand employee relationships, ensuring that a new person will experience a seamless transition onto your pharmacy team.

4) Encourage In-House Trainings

When an employee attends anexternal seminar, training or industry conference, company policy should dictate that the employee will relay the information they learned to the rest of the team. A brief, in-house training session will allow staff members to take ownership of what they learned, while promoting employee development and the dissemination of new ideas.

5) Start a Book Club

A book club is a great way to promote employee development and idea sharing. Combining the book club with a regularly scheduled staff meeting will ensure participation and allow your team to apply new concepts immediately. Ask one employee to choose the book and lead the discussion, while other team members collaborate in open dialogue. Here is a list of book topics that may be helpful for your pharmacy staff, both at work and in their personal lives:

Improving Customer Service Skills
Budgeting and Finances
Developing Leadership Skills
Understanding Government Regulations
Accepting Change
Learning about New Computer Programs
Developing Highly Effective Habits

Training your staff properly is one of the most important things you can do to keep your pharmacy running smoothly and profitably. A huge mistake pharmacy owners make is thinking that employee training is a one-time event. Don’t forget – if you want to stay ahead of the competition, both pharmacy employees and owners need to learn and grow constantly. This industry is always evolving. The choice is yours – will you keep up with the changes or get left behind?

The best way for an independent pharmacy owner to remain on the cutting edge is to attend the industry-leading conference. The PDS Super-Conference will provide the most up-to-date information on industry trends, as well as the best training for pharmacy owners and team members alike.

Using Customer Complaints to Improve Your Pharmacy

September 5, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

In any business, keeping customers happy is a priority. After all, helping patients remain happy and healthy is what pharmacy is all about. But the truth is, you won’t always be able to make everyone happy, no matter how hard you try. Unhappy customers are a reality you’ll have to face from time to time. And when a customer expresses dissatisfaction with the pharmacy you know and love, it’s easy to take things personally.

As tempting as it may be to ignore complaints, listening to your customer’s experiences is a great way to find opportunities for growth. Being able to listen objectively, find a way to turn the customer’s negative experience into a positive one and prevent the same mistake from being made in the future are the key steps in turning customergrievances into positive improvements for your business. Here are three ways that you can use negative feedback to improve your pharmacy.

#1. Stay Positive

Pharmacy owners often become defensive when dealing with complaints. Acknowledging what your customers are saying is the first step toward resolving the conflict. Whenever you set out to handle a customer complaint, try to listen with an open mind. Find out why the customer is upset and do whatever you can to solve the problem as quickly as possible. Keep in mind that every business receives occasional negative feedback. The smartest business owners know how to turn feedback into positive progress for their business and continue moving forward.

#2. Train Employees to Handle Customer Feedback

As a pharmacy owner, not every complaint should require your involvement. Your staff should be trained to handle a customer’s feedback themselves. A quick “let me get my manager” may come off as dismissive and make the situation worse. Develop a protocol that addresses common complaints and outlines procedures to empower your staff to resolve issues independently.

#3. Survey Customers and Document Their Responses

As part of your employee protocol, make sure that all customer grievances are documented. Download feedback forms from the internet or design customer surveys that are specific to your pharmacy. Make sure you allow for both positive and negative feedback, and recognize employees for excellent performance.

When reviewing customer feedback forms you may find trends that will help prevent or resolve future issues quicker. For example you may not notice that your pharmacy has long checkout lines or unstocked shelves, until you hear about it from multiple customers. Customer surveys help give your patients a voice and give you the inside scoop on what matters to them.

At some point, everyone in business has to deal with an upset customer. What separates an average pharmacy from an excellent one, is the level of customer service that is delivered when faced with a challenge. The best pharmacies know how to turn negative feedback into positive business growth.

Looking for more ways to expand your pharmacy business? Our new eBook, 3 Innovative ways to Compete in the Pharmacy Marketis your stepping stone for implementing new programs immediately, for a competitive edge in your community. Download the free eBook now!

8 Habits of the Most Efficient Pharmacy Owners

September 3, 2015/0 Comments/in All, Pharmacy Growth Strategies /by pdsmarketing

Starting a business has taken it’s toll on you and came at the expense of money, time, stress, and maybe even relationships. However, it has probably been worth the sacrifices to see your pharmacy become a successful business. But wait – what if that scenario never played out? Sadly, it is a reality that many independently-owned businesses fail early on, even pharmacies. What differentiates those that succeed from those that don’t? Experts believe the results can be traced back to the owners. Certain traits and habits help pharmacy owners beat the odds and build highly successful brands. Here’s a look at the top eight things you should be doing to build and maintain a successful pharmacy:

1. Think Differently

As an independent pharmacy, chances are good that you may not be able to compete with the retail giants in terms of price. This is an opportunity for you to get creative and deliver services a chain pharmacy simply can’t. One of the benefits of being smaller is that you can change direction quickly. If you try to differentiate yourself in a way that isn’t working, try something else. If you can provide something that none of your competitors are able to, you’ve just made a big impact on the market. Think differently about your business and customers will think differently about you too.

2. Don’t Be Afraid to Fail

Fear of failure prevents many people from starting businesses or trying new things in the first place. Don’t let self-doubt or naysayers get in your way. Your persistence will push you forward and keep you focused, even if it looks like things aren’t working out. Successful entrepreneurs understand the risks and try to mitigate them, but don’t let risks stop them from pursuing their goals. To be successful, you can’t let fear paralyze you from making solid business decisions for your pharmacy.

3. Take Small Steps

Even if your ideas are big, as a savvy pharmacy owner you know you can’t achieve everything at once. You will never have all the time, money, and workers you think you need. So learn how to prioritize and accomplish things by taking small steps forward. Engage in incremental progress and over time, those daily steps will add up.

4. Ask for Help

Many of today’s most talented business leaders have mentors, and most high-growth companies weren’t started by one person alone. Don’t wear yourself out! Even the smartest and most seasoned owners need a sounding board. Look for people who have experience in the pharmacy industry, find a local small business owners club, or join groups online. You’ll be thankful for the comradery, advice, and sense of community these types of organizations can build.

5. Bounce Back

Most successful business owners are going to make lots of mistakes. The difference, however, will be in those who are willing to learn from and accept those mistakes and change their course. You aren’t going to choose the best path for your pharmacy every time. Whether it’s attempting to roll out a new program that people aren’t signing up for or hiring the wrong candidates, these mistakes are bound to happen. No one else is going to dwell on these bumps in the road, as long as, you’re moving forward.

6. Hire a Strong Team

Your pharmacy will start to grow and you will hire more people. Efficient owners know not to take this step too lightly. Your employees are the backbone of the pharmacy. Successful owners spend a lot of time figuring out what traits and skills they want in employees and then determining how they will find those people. The ability to hire well is crucial if you want to grow your brand.

7. Delegate to Others

It’s often hard for independent pharmacy owners to let go. You built your company from the ground up, after all. But the most successful owners know they can’t do everything, especially as their pharmacy grows. After you hire the right people, let them do their jobs so you can focus on what you do best, running the pharmacy.

8. Take Care of Yourself

Have a life outside of your pharmacy! Smart owners recognize that having a sharp mind requires having a healthy body. Eat healthy and make time for physical exercise. What less-educated owners might see as indulgent behavior is actually necessary maintenance of your most crucial tool: your brain. Spending too much time focused on any single interest, even if it’s your livelihood, will almost always lead to hitting mental walls. It’s important to lead a balanced life by exposing yourself to a diverse range of mental stimuli and to give your work brain the rest it needs to remain focused. You never know what might trigger a great idea, after all.